Association of Iraqi banks sign a partnership agreement and exchange of experiences

Association of Iraqi banks sign a partnership agreement and exchange of experiences with the Union of Arab Banks

01/25/2016

The Iraqi Association of Banks, on Sunday, has signed an agreement with the Union of Arab Banks for the development of human resources. The legislative and executive authorities called on to capitalize on this collaboration for the development of the banking sector in Iraq, the Union need for Iraq to develop the infrastructure of its banking sector confirmed, while detect the presence of preparations for the holding of a forum of the Iraqi economy to attract investors to Iraq.
This came during a press conference held by the Association of Iraqi banks with the Union of Arab Banks for the signing of a joint cooperation agreement in the Babylon Hotel in central Baghdad and attended (range Press).
The head of the Association of Iraqi banks and depositary Handal in a speech during the conference that "this agreement is a great success of the association and will open us the doors of cooperation with the European Union and the US Treasury."
Handal said that "the agreement is important because it the first agreement of its kind expected in Iraq after 2003 through the Union of Arab Banks seriousness of the development of human cadres working in Iraqi banks through training and education and develop their ability through the use of modern technology."
He called on the President of the Association of Iraqi banks, "the legislative and executive authorities to capitalize on this agreement."
For his part, Secretary General of the Union of Arab Banks and Sam Fattouh said during the conference: "During our visit we saw the seriousness of the Iraqi authorities the process of restructuring and the development and rehabilitation of the banking sector to put it within the international banks."
Fattouh added that "the agreement signed today provides short on the commitment of Arab Banks Union set up a training important program for the sector of the Iraqi banking and bring Arab and foreign expertise to Baghdad and prepare capacity building in subjects related to international accounting standards and the fight against money laundering and terrorist financing program."
And that "this agreement will not only belong to private banks but also the government banks may start from the Rafidain and Rasheed Commercial Bank of Iraq."
He continued: "We are serious to provide any advice or assistance in agreement with the link and the blessing of the Central Bank of Iraq."
Fattouh said that "Iraq needs to develop the banking sector, infrastructure and information system and training for capacity-building."
He pointed out that "there is an intention to hold an investment conference in the name of Iraq (Iraq Economic Forum) and preparations are underway to his contract and would be a good opportunity to bring in investors from Arabs and foreigners in Iraq."
He explained that "these investors will be briefed on the investment laws in Iraq and investment opportunities and will play the Association of Iraqi banks and the Union of Arab Banks, a major role in this forum."
He pointed out that "this will be the biggest opportunity in order to open the door for investment in Iraq's banking sector."
He stressed the need to "expand the Association of Iraqi banks to include all Iraqi banks and foreign under the name Association of Iraqi banks," noting that "the Union can provide assistance to establish the Association of Iraqi banks and the development of its articles of association," stressing that "this should be done in Iraq."
The experts and officials, bankers and Financial enemy in the (January 2016 9) that the government go to support the private sector and face the repercussions of the financial crisis "will not result in" desired results "unless" available legislative and legal environment that supports the banking sector, and accused the government and private banks existing not to contribute the role of a "real" to support the productive sectors. As called for the central bank to limit the granting of new banking licenses, the bloc demanded banks to provide venture capital accumulated position to finance important strategic projects.
The Prime Minister Haider al-Abadi in (the 12th of December, called for 0.2015 last) of the banking sector to make a "leap quantity and quality" in its activities, and stressed the government's determination to activate the role of private banks. While warned of "obstacles" retard private banks work mode, he pledged to "hold negligent."
The banking system in Iraq is made up of 43 banks, as well as the central bank, and are distributed according to government ownership between seven and 30, including an Islamic civil seven, as well as six foreign banks and is distributed as follows: 600 branches throughout Iraq.